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SI Records $170 Million Trade Deficit in June Quarter

SI Records $170 Million Trade Deficit in June Quarter

Solomon Islands has recorded a trade deficiency of $170.5 million in the second quarter (June) of 2017.

This is according to the Solomon Islands National Statistics Office (SINSO) latest figures on the International Merchandise Trade Statistics (IMTS) released on Friday 1st December 2017.

The data (IMTS) shows the movement of different types of goods between the Solomon Islands and a range of countries in Oceania, Asia, Europe, Africa, America and other regions.

Releasing the statistical bulletin, Government Statistician Douglas Kimi said the deficit is a decrease of $228.0m (396%) over the surplus of $57.5m recorded in the preceding quarter.

He said that in terms of the corresponding quarter a year ago, this represented a decline of $224.1m (418%) over the surplus of $53.6m in 2016.

“The movement of goods into and out of the Solomon Islands is an important aspect of our nation’s economic development,” the Government Statistician, Mr Kimi said.

On major exports in the second quarter of 2017 compared to the corresponding quarter of 2016, Mr Kimi said that round log and sawn timber exports declined by $84.7m (13%) to $588.1m while total of fresh/frozen and canned fish also declined by $15.7m (16%) to $84m.

“The declined is mainly attributed to a drop of $15.5m of loin exports to Italy which accounted for 28.2% of total fish exports.

“Total of cocoa, palm oil and other agricultural products has decreased by $26.5m (16%) to $134.5m. This is mainly driven by a low production in palm oil exports during the quarter. Gold increased by $0.2m (5%) to $5.1m,” Mr Kimi added.

Meanwhile, on major imports Mr Kimi said that food imports, which is comprised mostly of rice and canned meat, decreased by $3.5m (1.6%) to $218.6m.

“Mineral fuel and lubricant imports rose by $9.1m (7.3%) to $135.6m. Machinery and transport equipment increased by $48.5m (19.3%) to $299.9m,” he said.

The Merchandise trade balance with major trading partners in the June quarter of 2017 compared to the previous corresponding quarter records the following:

• The trade deficit with Singapore, the main source of fuel imports, increased by $5.1m (4%) to $129.0m.

• The trade deficit with Australia increased by $42.4m (21%) to $242.6m.

• The trade deficit with Papua New Guinea was up by $2.3m (10%) to $24.4m.

• The trade balance with South Korea rose by $6.1m (191%) from a deficit of $3.2m to a surplus of $2.9m.

• The trade surplus with China, the main destination of exported logs, dropped by $61.4m (13%) to $397.3m.

• The trade surplus with Italy, the main destination of fish-loin exports, fell by $16.3m (20%) to $64.6m.

Data are compiled from the Solomon Islands Customs and Excise Division, the Central Bank of the Solomon Islands, Commodity Export Market Authority and additional records provided by major importers/exporters.

For more information on this you can get it from the National Statistics Office or download the full report on the National Statistics Office website (http://www.statistics.gov.sb / under “Recent Releases” or “SINSO Documents”.

ENDS///

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